topic Where do I enter my 1099-R on my 1041 estate trust return... in Business & farm

Where do I enter my 1099-R on my 1041 estate trust return?

nguyen_john — Fri, 31 May 2019 23:55:44 GMT

I am filing an irrevocable trust for my deceased mother using 1041. She has an annuity earning some income last year so she received a 1099r. I would like to know how to enter the 1099r information on the 1041 form because I don't know where on the estate turbo tax software. Please help.

Where do I enter my 1099-R on my 1041 estate trust return...

Anonymous_ — Mon, 16 Dec 2024 14:53:35 GMT

This method doesn't update line 3 (annuities) on form 896...

wbn — Fri, 31 May 2019 23:55:47 GMT

This method doesn't update line 3 (annuities) on form 8960 for tax calculations purposes .. we need a proper 1099 R entry routine for turbotax estate/trust 1041

I concur with your last statement. However, the 8960 issu...

Anonymous_ — Mon, 16 Dec 2024 14:53:52 GMT

So happens, my situation is a nonqualified annuity paymen...

wbn — Fri, 31 May 2019 23:55:50 GMT

So happens, my situation is a nonqualified annuity payment made to the trust. Pretty straight forward programming change, enough of the work arounds .. make the change Turbo Tax

My (2018, trust) 1099R has some withholding - where do I...

charlesclloyd — Fri, 31 May 2019 23:55:52 GMT

My (2018, trust) 1099R has some withholding - where do I enter that?

My 1099R also has witholding. I want to allocate this to...

despanel — Fri, 31 May 2019 23:55:53 GMT

My 1099R also has witholding. I want to allocate this to the beneficiary along with the tax liability for the income they received. However, Turbo Tax doesn't seem to be able to do that. I've entered the income in "other income" as described above. I've also entered the tax witholding and under the Turbo Tax forms, checked that this witholding is from a 1099 form. Per IRS, I should be able to issue a credit to the beneficiary in Box 13 of the K-1 for this "Backup Witholding" amount, but TurboTax doesn't include anywhere that I can specify this, so K-1 is not being filled out correctly and the backup witholding is being shown as a trust taxes paid amount.

@despanel Please see the answer to this very similar que...

ScruffyCurmudgeon — Fri, 31 May 2019 23:55:57 GMT

@despanel Please see the answer to this very similar question on how to allocated a tax overpayment to the beneficiaries.
<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/4655512-where-do-you-allocate-backup-witholding-from-a-trust-to-the-trust-beneficiary-using-turbotax-business">https://ttlc.intuit.com/questions/4655512-where-do-you-allocate-backup-witholding-from-a-trust-to-the-trust-beneficiary-using-turbotax-business</a>

" My (2018, trust) 1099R has some withholding - where do...

Anonymous_ — Mon, 16 Dec 2024 14:54:10 GMT

@SuperUser - That didn't work for me per your screenshot;...

charlesclloyd — Fri, 31 May 2019 23:56:03 GMT

@SuperUser - That didn't work for me per your screenshot; I had to enter $1 for Box 1, then I could see an amount in Form 1041 line 25e. Note: I created a new, empty 1099INT for this purpose, which is what I assumed you intended.

Or... I could piggyback my withholding onto an existing 1099INT (which is real) and specify a withholding amount where its currently $0. Is this what you intended? This seems dodgy, at best (is that even legal?).

I also have a real 1099DIV I could piggyback the withholding onto, again seems dodgy.

Many thanks for your help!

You are essentially correct. I have edited my answer to i...

Anonymous_ — Mon, 16 Dec 2024 14:54:27 GMT

Use Forms Mode to enter withholding on the Interest and D...

Anonymous_ — Mon, 16 Dec 2024 14:56:18 GMT

Much better! I was able to see my entry on line 25e/1041...

charlesclloyd — Fri, 31 May 2019 23:56:12 GMT

Much better!  I was able to see my entry on line 25e/1041 without adding a dummy 1099INT nor modifying any of the fields of my actual 1099's.

Note for other readers: you may have actual 1099DIV or 1099INT which shows up under the "Int-Div Wks" label.  Ignore those for this tip and just use Part 1 of the "Interest and Dividend Income Worksheet"

BTW, the screenshots are worth > 1000 words!  I tried to attach one myself, but I guess regular users aren't permitted to attach things.  Too bad you cannot see the attachments on an iPhone nor iPad.  Works great on Safari (but you must be signed-in to this site in order to see the screen shots, which can be very confusing if you're just lurking).

Re: Where do I enter my 1099-R on my 1041 estate trust return...

williamgoodbody — Wed, 05 Feb 2020 00:10:49 GMT

How do I enter 1099-R on 1041 Trust return for Annuity

Re: Where do I enter my 1099-R on my 1041 estate trust return...

Anonymous_ — Mon, 16 Dec 2024 14:56:36 GMT

Re: @despanel Please see the answer to this very similar que...

masu — Wed, 19 Feb 2020 08:11:11 GMT

Is there an update for this dead link that answers the question I need answered?

Re: @despanel Please see the answer to this very similar que...

masu — Wed, 19 Feb 2020 08:48:30 GMT

Is there an update for this dead link that answers the question I need answered?

Re: @despanel Please see the answer to this very similar que...

Anonymous_ — Mon, 16 Dec 2024 14:56:53 GMT

Re: @despanel Please see the answer to this very similar que...

masu — Thu, 20 Feb 2020 04:19:35 GMT

Thanks for the reply. My question was how to allocate a tax overpayment to the beneficiaries. The 1099-R had Federal and state taxes withheld. All of the income was distributed to the beneficiaries. I think I just found how to allocate the withheld taxes to the beneficiaries, in Forms mode on the Tax Payments Worksheet, Part II Other Tax Payments, line 1c: amount to allocate to the beneficiaries. But I don't think the Step-by-Step mode asked this question.

I believe you are correct, this would be Schedule G, Part II, line 14. But that causes the withholding to be allocated to the Trust. As soon as I use the worksheet to allocate the withholding to the beneficiaries, then this line 14 becomes zero, and the beneficiaries' K-1s are updated. This is what I want.

Re: @despanel Please see the answer to this very similar que...

Anonymous_ — Mon, 16 Dec 2024 14:57:11 GMT